FxWirePro- Nikkei 225 Daily Outlook

Nikkei pared some of its gains on the strong yen. It hit a high of 37054  and is currently trading around 36310.

Markets eye US Fed monetary policy for further direction.

The index holds below the short-term 34 and above 55 EMA and below the long-term moving average (200- EMA) in the 4-hour chart.

The near-term resistance is around 37147, any violation above will take the index to  37360 (200-4H EMA)/37500/37695/38000—overall bullish continuation only above 42550.

On the lower side, immediate support stands around 36175, any breach below will drag the index down to 36000/35870/35576/35395—further bearishness only below 35000.

Indicator (4- hour chart)

CCI (14)- Bullish

CCI (50)- Neutral

Average directional movement Index - Neutral

It is good to sell on rallies around 36980-37000 with SL around 37500 for TP of 35000.